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Through the prior close... Thursday opened back under the earlier 2784.50 Globex low. This isn't in itself relevant lot, but it's bearish after having probed the prior day's high overnight. Which Wednesday's night's 2798.00 had done, forming a bearish Globex-flip setup. The 2778.00 open extended down 9 points to 2769.00 through 10:15, then ranged flat-to-higher back up to the open. Noon's attack on 2782.00 launched the next downleg to eventually form a Double Bottom attacking 2764.00. The last half-hour's bounce attacked 2776.00 at the close. Overnight action's new info... Flat-to-lower ranging through midnight held support at 2770.75 support. That was Thursday's last identified sell signal left untriggered through the close. It remains untriggered, as price action since midnight rallied 16 points to test 2787.00. If, then... (notes to accompany the Tour recording) Not rallying yesterday afternoon suggests that the bearish Globex-flip will influence this morning, too. Its trigger was 2784.50, which is being probed now as resistance. Recovering 2784.50 through the open would start to undermine this morning's bearish influence. But that would be only a warning, while gapping up above Wednesday's 2788.00 highs would suggest the 2798.00 "new Globex trend extreme" retest is underway, first. First Trade... [Click here to view the Bias parameters] Exiting the open at 9:45 above 2788.00 would be likely also to exceed the 2784.50 bias-up target and renew the bias-up signal next targeting 2793.50. Exiting the open at 9:45 above 2781.50 would be likely at least to trigger the 2779.00 bias-up signal at 10:15.

Rally effort holding resistance. Gapping up to 2782.00 and attacking 2784.50 stopped short of retesting the overnight high's attack on 2788.00. Gapping up above 2788.00 would have foreclosed on the downside, so it otherwise remains alive. The post-open reaction down attacked the 2779.00 bias-up signal as support, which held. Its reaction attacked the overnight high to within 3 ticks. Bias-up triggered, but its 2784.50 bias-up target was still being touched at 10:15. Recovering it would have renewed the bias-up signal, so it otherwise requires new sponsorship. Not recovering 2784.50 through the open has maintained the Globex-flip setup's potential morning bearish influence. Back under 2783.25 would start to signal momentum reversing back down. The 2779.00 bias-up signal's support would be a challenge until the bias environment began lapsing. Exiting the bias environment above 2784.50 would be vulnerable extending higher

This being a Friday, the morning's bias tends to persist through the noon hour. So, reversing down depends greatly on reversing down into the bias environment exit, and more so on no extending higher this morning.

FRI afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above 2793.50 2793.50 ...would target 2798.75 2798.75 Bias-down: under 2785.25 2785.25 ...would target 2779.00 2779.00 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL . BIAS VIDEOS... INTRO // EXAMPLE 1. At 1:20, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target. 2. Not triggering either bias signal at 1:20 would be "no-bias," and the bias signals should define the bias environment's range. -- A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias. 3. Touching the bias signal within 3 minutes either way of 1:20 would invoke a grace period through 1:30 to trigger a late signal. -- "Late" signals don't require testing the opposite bias signal, but it's still likely. 4. Still testing the bias signal at 1:30 after invoking the grace period would trigger "noN-bias," with no bias influence.

No bearish influence, as prior highs attract price up. Globex-flip did not influence this morning's bias environment. The open didn't gap up above 2788.00, and yesterday's 2784.50 trigger wasn't recovered through the open. Either of these would have told us Globex-flip's influence had lapsed. Neither signal formed, but its influence lapsed anyway. Meanwhile, the bias environment extended the overnight rally up to 2793.50, and then another point higher into noon. Pulling back to 2787.00 through the noon hour avoided touching the 2785.25 bias-down signal. It can still be tested during the no-bias environment.

Be aware of a couple of normal Friday afternoon behaviors. First, sponsorship for trending and especially for countertrending is difficult to generate. Second, exiting the bias environment under the noon hour's high or a rally day is difficult to resume the rally. None of which requires reversing down, but that becomes the easier path.

Meanwhile, maintaining a break back above 2790.75 before the bias environment lapses could resume the rally. And the market is back in the orbit of Wednesday night's 2798.00 "new Globex trend extreme," which would be its likely attraction.

Thursday night's rally deposited the market at the door of invalidating the bearish Globex-flip setup, but only stumbled through. I needed either a gap up above 2788.00 or simply exiting the open above 2784.50 to signal the Globex-flip wouldn't be influential. Neither was recovered until too late to be predictive. And they were recovered on the way to fresh recovery highs at 2794.50. Fresh intraday recovery highs. Wednesday night's 2798.00 "new Globex trend extreme" is higher, which disqualifies Friday's close from being a new trend extreme. That would have required an eventual higher close. But having recovered into the orbit of 2798.00 for the first time since already leaving it before Thursday's open, its retest should be imminent. Meanwhile, Thursday's Isolation setup is in jeopardy. It had formed by not probing back above Wednesday's high intraday. It would remain intact by not closing back above Wednesday's high -- which Friday did. The close's probe above Wednesday's high began after entering the position-squaring window, so it could be credibly reinstated by trending back down through Monday morning, perhaps attracted to oversold RSIs at Friday afternoon's 2781.25 low Details and other markets coverage are discussed in the post-market Wrap recording here. JOIN US AT 9:30 ET FOR THIS WEEKEND'S SATURDAY REVIEW.

MON morning signal (triggered at 10:15 ET) SPX ES Bias-up: above 2797.00 2796.75 ...would target 2804.00 2803.75 Bias-down: under 2785.00 2785.00 ...would target 2778.00 2778.00 Signal status: BIAS-UP, BIAS-UP TARGET EXCEEDED . BIAS VIDEOS... INTRO // EXAMPLE 1. At 10:15, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target. 2. Not triggering either bias signal at 10:15 would be "no-bias," and the bias signals should define the bias environment's range. -- A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias. 3. Touching the bias signal within 3 minutes either way of 10:15 would invoke a grace period through 10:30 to trigger a late signal. -- "Late" signals don't require testing the opposite bias signal, but it's still likely. 4. Still testing the bias signal at 10:30 after invoking the grace period would trigger "noN-bias," with no bias influence.